09/18/2019 | Press release | Distributed by Public on 09/18/2019 16:15
September 18, 2019
(AUSTIN) -The Texas Comptroller's office approved and paid a record $308.4 million in unclaimed property claims during the past fiscal year, Comptroller Glenn Hegar announced today.
This is the first time the Comptroller's office has returned more than $300 million in unclaimed property in a fiscal year, breaking the previous record of $281 million returned in fiscal 2017.
'Since I took office, I have been committed to returning more unclaimed property to the rightful owners across our great state,' Hegar said. 'The hard-working team in our Unclaimed Property division has made this record-breaking year possible. They have helped implement new technologies to make claiming money easier than ever before, and they strive every day to improve customer service and build a more efficient claims process. I want to thank them for their commitment and dedication to the people of Texas.'
The Comptroller's office has returned more than $3 billion in unclaimed property to rightful owners since Texas' unclaimed property program began in 1962. The state is currently holding more than $5 billion in cash and other valuables through the program.
The $308 million in unclaimed property returned in fiscal 2019 includes forgotten utility deposits or other refunds, insurance proceeds, payroll checks, cashier's checks, dividends, mineral royalties, dormant bank accounts and abandoned safe-deposit box contents. Businesses generally turn property over to the unclaimed property program after it has been considered dormant for one to five years.
There is no statute of limitations for unclaimed property the state holds, which means there's no time limit for owners to file a claim - they can do so at any time.
For more information about the unclaimed property program, or to search for unclaimed property and begin the claims process, visit the Comptroller's unclaimed property website, ClaimItTexas.org, or call 800-321-2274 (CASH).